Bangladesh's fantastic GDP growth
Bangladesh Bureau of Statistics (BBS) has recently come up with some really heart-warming statistics in respect of the country's economy. According to the country's centralised official bureau, Bangladesh has achieved the highest-ever 7.86 percent GDP growth in the 2017-18 fiscal year, widely surpassing the estimated growth of 7.65 percent.
It says the size of Bangladesh's GDP has increased to Tk22.5 trillion ($274.11 billion) in FY2017-18, rising from Tk19.76 trillion in FY2016-17. The BBS data also say that the per capita income has soared to $1,751 in FY2017-18 from $1,610 in the previous year.
All this data, viewed from any angle, are indicative to the absolute strength of the country's economy. This incredible success also comes as a real morale booster for not only the policymakers but for the ones at the roots who have been working relentlessly to the country's economy to the next level.
The higher growth rate in GDP is attributable mainly to the growth in the country's industries and services sectors. The contributions of industry and services sectors were 30.17 percent and 56 percent in FY2017-18, while the contribution of the agriculture sector to the country's GDP was 13.82 percent.
The BBS statistics also gives some encouraging news about the overall investment situation in the country. According BBS, the investment-to-GDP ratio also increased at 31.23 percent - 7.97 percent public investment and 23.26 percent private sector investment - in FY2017-18, up from 30.51 percent in FY2016-17.
Bangladesh's achieving high GDP growth at a consistent basis for more than one decade is indicative of a healthy and stable economy. And now that it has come out of the 6 percent growth circle, hit 7 percent mark in the last three years and is well on the track to achieve the anticipated 8 percent score are suggestive of the country's being well on the track to achieve its envisioned development target.
The advancement Bangladesh has made so far may definitely make the policymakers feel happy. But the country has still a long way to go in order to become a developed country by 2 41, as stated by Prime Minister Sheikh Hasina. For this, all stakeholders have to keep working to expedite the country's development.
Source: https://dailyasianage.com
Tags :
Previous Story
- Bangladesh hit record 7.86 percent GDP growth
- 'GDP growth to reach 8.25% in FY19'
- Chile eyes fruit export to Bangladesh
- Investment to enhance country's GDP stressed
- Bangladesh needs to boost productive investment: IMF
- BD puffs away 1.4 pc of GDP in...
- Industry's contribution to GDP must increase
- Bangladesh to surpass Taiwan by 2030 with rising...